Concord Biotech Limited announced its Initial Public Offering to open on Friday, 4th August, 2023, sets price band at ₹705 to ₹741 per Equity Share

Mumbai, 31st July 2023 (GNI): Mr. Lalit Sethi, CFO, Mr. Sudhir Vaid, Chairman & CEO & Mr. Ankur Vaid, Joint MD & CEO, Concord Biotech Limited.during the IPO press conference in Mumbai – photo by Sumant Gajinkar GNI

Mumbai, 31st July 2023 (GNI): Ahmedabad-based Concord Biotech Limited, is country-based biotechnology company and is one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on volume in 2022 has fixed the price band at ₹705 to ₹741 per Equity Share for its maiden public offer. The initial public offering (“IPO” or “Offer”) of the Company will open on Friday, 4th August, 2023, for subscription and closes on Tuesday, 8th August, 2023. Investors can bid for a minimum of 20 Equity Shares and in multiples of 20 Equity Shares thereafter.

The Public Issue of face value of ₹1 per Equity Share is entirely an Offer for Sale (OFS) up to 20.92 million shares by Helix Investment Holdings Pte. Limited. The offer also includes a reservation for a subscription by eligible employees.

The Company through its IPO will fetch Rs 1475.26 crore – Rs 1550.59 crore at the lower and upper end of the price band.

Concord Biotech is a global supplier of bio-pharmaceutical APIs and formulations, serving more than 70 countries, including regulated markets like the United States, Europe, Japan, and India. According to the Frost & Sullivan Report, the company holds an impressive market share of over 20% by volume in 2022 for fermentation-based API products, including mupirocin, sirolimus, tacrolimus, mycophenolate sodium, and cyclosporine. Its substantial success can be attributed to its total installed fermentation capacity of 1,250 m3 as of March 31, 2023. 

Furthermore, Concord Biotech expanded its reach by venturing into the formulation business in India and emerging markets such as Nepal, Mexico, Indonesia, Thailand, Ecuador, Kenya, Singapore, and Paraguay. The company specializes in manufacturing bio-pharmaceutical APIs through fermentation and semi-synthetic processes, with a focus on therapeutic areas such as immunosuppressants, oncology, and anti-infectives. Additionally, they provide formulations for critical care in areas like immunosuppressants, nephrology drugs, and anti-infective drugs.

Concord Biotech’s outstanding achievements are evident from its diverse portfolio comprising 23 API products. The company has made significant strides in regulatory filings, having submitted 128 Drug Master Files (“DMFs”) across various countries, with substantial filings in the United States, Europe, and Japan as of June 30, 2023. 

Financially, the company’s revenue from operations increasing by 19.67% to ₹853.17 crore in the Financial Year 2023 from ₹712.93 crore in the previous year. This growth is primarily attributed to increased sales volume to existing and new customers, as well as certain product price adjustments. Additionally, Concord Biotech’s profit after tax witnessed a remarkable surge of 37.24%, reaching ₹240.08 crore in the Financial Year 2023 compared to ₹174.93 crore in the Financial Year 2022. 

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, and Jefferies India Private Limited are the book running lead managers and Link Intime India Private Limited is the Registrar to the Offer. The Equity Shares are proposed to be listed on BSE and NSE.

Notes for Reference : Issue Size of the IPO based on the upper and lower end of the price band

OFS (20,925,652 equity shares) Total 
Lower Band (@Rs 705)Rs 1475.26 croreRs 1475.26 crore
Upper Band (@Rs 741)Rs 1550.59 croreRs 1550.59 crore
ends GNI

Be the first to comment on "Concord Biotech Limited announced its Initial Public Offering to open on Friday, 4th August, 2023, sets price band at ₹705 to ₹741 per Equity Share"

Leave a comment

Your email address will not be published.


*